Multicoin Capital co-founder Kyle Samani said on Cointelegraph’s Trade Secrets show that Solana could surpass Ethereum by market capitalization during the current market cycle. He argued that more crypto companies will choose to build on Solana because it is easier to use and offers stronger functionality, while Ethereum may lose its position as the default smart contract network. Based on the figures cited in the report, SOL would need to grow roughly fivefold from a $58 billion market cap to move past ETH, which was put at about $293 billion. Samani also said he is bearish on Ethereum’s ability to capture value, describing it as a $300 billion to $400 billion asset with questionable value capture and no growth. He added that Solana has already moved ahead of Ethereum in weekly and monthly fees. DefiLlama data cited in the report showed Solana generated $23 million in fees over the past 30 days, ranking fourth, while Ethereum posted $12.6 million, ranking sixth. The report also noted that Samani entered crypto through Ethereum in 2016, later shifted to Solana over dissatisfaction with scaling plans, and that Multicoin led Solana’s early funding round in 2018.
According to Cointelegraph, Multicoin Capital co-founder Kyle Samani said on Cointelegraph’s Trade Secrets show that Solana could flip Ethereum in market capitalization during the current market cycle. He also said that "no one is really using Ethereum today."
Samani argues Solana could catch and pass Ethereum
Samani said more crypto companies are likely to build on Solana because it is easier to use and more capable. In his view, Ethereum could gradually lose its status as the default smart contract network.
Under that scenario, SOL would need to expand roughly fivefold from a $58 billion market cap to move above ETH, which the report put at about $293 billion.
Bearish view on Ethereum’s value capture
Samani said he is bearish on Ethereum’s ability to capture value, calling it "a $300 billion to $400 billion asset" with questionable value capture and "absolutely no growth."
He also said that while SOL’s market capitalization is still less than one-fifth of ETH’s, Solana has already surpassed Ethereum in both weekly and monthly network fees. Citing DefiLlama data, the report said Solana generated $23 million in fees over the past 30 days, ranking fourth, while Ethereum generated $12.6 million, ranking sixth.
Background on Samani and Multicoin’s Solana bet
The report added that Samani entered the crypto sector through Ethereum in 2016, then shifted to Solana after becoming dissatisfied with Ethereum’s scaling approach. Multicoin led Solana’s early funding round in 2018.
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